A new
report from Juniper Research has argued the total value of B2B cross-border
payments immutably stored on blockchains will hit $4.4 trillion (£3.41tn) by
2024 – and ranks IBM as the primary vendor.

The report,
titled ‘Blockchain: Key Vertical Opportunities, Trends & Challenges
2019-2030’, also noted blockchain will help financial institutions save $7bn by
the same year, due to the automation of ‘know your customer’ checks, allied to
the involvement of blockchain in identifying users through self-sovereign
identity.

According
to the report, there are five leading blockchain vendors that are making
efforts and customer deployments along with their blockchain-based solutions.
These vendors are IBM, Infosys Finacle, Guardtime, R3, and Ripple. The research
found that IBM, Visa, and Ripple are driving blockchain innovation in cross-border
payments. However, IBM Blockchain World Wire and Visa B2B Connect are giving a
tough competition to Ripple and both companies are expected to continue
expanding their global presence.

In August, IBM and Tata Communications joined the Hedera Governing Council, expanding the decentralised public network’s diverse portfolio of companies from industries like telecommunications to financial services, law, and retail. In the same month, IBM and Chainyard also launched a new blockchain network, called Trust Your Supplier, which aims to enhance the entire supply chain management process, from qualification to validation and onboarding. The Trust Your Supplier network creates a digital passport for supplier identity on the blockchain network, allowing suppliers to share information with any permissioned buyer on the network.

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

The post Juniper predicts blockchain-based B2B cross-border payments to surpass $4.4 trillion by 2024 appeared first on The Block.

Source: Juniper predicts blockchain-based B2B cross-border payments to surpass $4.4 trillion by 2024